Thursday 9 April 2020

Overtly timed press release

US equity indexes closed broadly higher, sp +39pts (1.4%) at 2789. Nasdaq comp' +0.8%. Dow +1.2%. The Transports settled +1.0%.




Pre-market equity futures were broadly lower. The latest jobless claims appeared at 8.30am, with a horrific print of 6.606M. Ohh, but then the Fed issued a press release! Indeed, it was an overtly timed press release. Why not on Wednesday... or next Monday?

The truth is that the Fed are now at the stage where they are actively scheduling press releases to help divert attention, and offset horrific econ-data. Its pathetic, and a clear sign of just how desperate the monetary masters have become.

"Powell, Powells the man" - Cramer

Indeed, the mainstream cheerleaders for Print Central, were delighted with news of another $2.3trn to juice the markets. US equities duly opened significantly higher, and built very significant gains into the afternoon.

The mid afternoon saw OPEC announce massive supply cuts, but the market wasn't pleased, and with WTIC $22s, equities were pulled lower, with the Nasdaq even turning red.

Volatility was in cooling mode, the VIX settling -3.9% at 41.67, but yes, we're still dealing with the FORTY ONES.

Another warm April day (23c/74f)

Sunset into the Easter break
Extra charts in AH (usually around 5pm EST) @

Goodnight from London
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